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by Sarah Hubber

Tax Department at Atchley & Associates, LLP

Congress finally made their list, and you should check it twice.

With just two weeks left in the year, the Senate has passed the tax extenders bill, which retroactively extends some tax breaks through the end of 2014, and lets other remain expired. President Obama is expected to sign this bill into law this week.

The provisions that were renewed had originally expired at a the end of 2013, and pertain to many individuals and businesses. Tax breaks like bonus depreciation, increased section 179 expensing limits, and the tuition expense deduction have been renewed through the end of this year, among others. Essentially, most of the tax incentives that were available for the 2013 tax year will now be available for 2014. The criteria for qualifying for these deductions and credits are the same as those for tax year 2013.

Below are some of the provisions that have been extended, as listed on the US Senate website.

Individual Tax Extenders – Renewed through 2014

the tax deduction of state and local general sales taxes in lieu of state and local income taxes

the tax deduction of qualified tuition and related expenses

the tax deduction of expenses of elementary and secondary school teachers

the tax deduction of mortgage insurance premiums

the tax exemption of distributions from individual retirement accounts for charitable purposes

the tax exclusion of imputed income from the discharge of indebtedness for a principal residence